FincFriends Private Limited, a wholly-owned subsidiary of lending focused NBFC firm RupeeRedee , has raised $3.5 million in an equity round from existing shareholder Digital Finance International.
The total amount raised by the digital lending platform so far stands at $11.6 million in equity and $1.3 million in debt.
According to FincFriends, the latest investment will be used to ramp up growth plans, scale operations, and expand product offerings, said the Gurugram-based company. It plans to disburse loans worth Rs 1,000 crore in FY 23-24.
The funds will also be used to scale the customer base across India, expand credit portfolio, and achieve growth, the company stated.
Led by Aznabaev Roman, RupeeRedee works with FincFriends to facilitate short-term personal loans and offer digital lending services. Founded in 2018, RupeeRedee and FincFriends have been facilitating digital personal loans to the country’s large underserved masses including salaried, self-employed, first-time borrowers and those rejected by other financial institutions.
In FY 2020-21, RupeeRedee’s loan disbursals amounted to Rs 80 crore. This rose to Rs 250 crore in FY 21-22 and Rs 500 crore in FY 22-23.
